Mumbai's Property Market Sees 13.2% Growth in Registrations During Navratri
Mr. Prashant Sharma, President of NAREDCO Maharashtra, attributes the significant growth in property registrations during Navratri to the resilience of Mumbai's real estate sector and the increasing confidence of buyers.
Mumbai Property MarketNavratriReal Estate GrowthProperty RegistrationsFestive SeasonReal Estate MaharashtraOct 21, 2024
Mr. Samyak Jain, Director of Siddha Group, attributes the 13.2% growth in property registrations to a combination of positive sentiment, flexible payment plans, and festive offers. He anticipates that this trend will continue through Diwali and beyond, further boosting demand and liquidity within the sector.
Mr. Vedanshu Kedia, Director of Prescon Group, notes that the robust activity in Mumbai's property market during Navratri reflects a shift in consumer sentiment towards long-term investments in real estate. The data indicates pent-up demand and a strong trust in the market's future potential. Developers have played a crucial role by offering attractive schemes, and more such initiatives are expected to maintain a buoyant real estate market.
According to Knight Frank India, stamp duty revenue saw a significant rise of 15.2% year-on-year, with daily collections reaching INR 56 crore, up from INR 48 crore per day last year. The data further shows that the daily average of property registrations increased to 578 units, up from 510 units during Navratri 2023, highlighting robust sector activity.
Mr. Prashant Sharma, President of NAREDCO Maharashtra, credits the remarkable growth to the resilience of Mumbai's real estate sector and the buyer confidence that continues to drive market momentum. He emphasizes that festive periods, especially Navratri and Diwali, hold significant meaning for homebuyers. The data reflects a strong demand for both residential and commercial properties. With strategic policy support and evolving buyer preferences, there is optimism about sustained growth in the upcoming quarters.
Mr. Rajeev Ranjan, Co-Founder & CEO of The Mentors Real Estate Advisory Pvt Ltd, shares similar sentiments. He believes that the surge in property registrations during Navratri reflects the changing dynamics of the market, where end-users and investors are making strategic investments. Mumbai's property landscape remains attractive due to infrastructure developments, stable policies, and festive optimism. This festive period's success underscores the real estate market's role as a key driver of economic growth.
In conclusion, the strong performance of property registrations during Navratri highlights the resilience and optimism within Mumbai's real estate market. As buyer sentiment remains positive, the sector is well-positioned for further growth, particularly as the festive season continues into Diwali.
NAREDCO Maharashtra (National Real Estate Development Council - Maharashtra) NAREDCO Maharashtra is a leading real estate development council in the state, dedicated to promoting sustainable and equitable growth in the real estate sector. The organization works closely with government bodies and industry stakeholders to create a conducive environment for development and investment.
Frequently Asked Questions
What is the percentage increase in property registrations during Navratri 2023?
Property registrations in Mumbai increased by 13.2% during Navratri 2023 compared to the previous year.
How much revenue did the state exchequer generate during Navratri 2023?
The state exchequer generated INR 502 crore in revenue over just 8 working days during Navratri 2023.
What factors are contributing to the growth in property registrations?
The growth in property registrations is attributed to positive sentiment, flexible payment plans, festive offers, and a shift in consumer sentiment towards long-term investments in real estate.
Who is Mr. Prashant Sharma and what is his role in the real estate sector?
Mr. Prashant Sharma is the President of NAREDCO Maharashtra, a leading real estate development council in the state. He plays a crucial role in promoting sustainable and equitable growth in the real estate sector.
What is the significance of festive periods for the real estate market in Mumbai?
Festive periods, especially Navratri and Diwali, hold significant meaning for homebuyers and investors. These periods often see a surge in property registrations, reflecting strong demand and optimism in the market.
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